December 16, 2003
Armor Holdings Acquires Hatch Imports Expands Its Law Enforcement Products Portfolio
For Immediate Release - Dec 17, 2003
JACKSONVILLE, Fla. - Armor Holdings, Inc, a leading manufacturer and supplier of security products, safety equipment and armor systems serving law enforcement, corrections, military, homeland defense and commercial markets, announced today that it has acquired Hatch Imports, Inc. of Oxnard, California. Hatch is a leading supplier of high quality gloves and other protective gear serving the law enforcement, correctional, military, medical and industrial markets.
The transaction is valued at $10.0 million, including $8.0 million which was paid in cash at closing and $2.0 million to be deferred for approximately two years. For the Company's fiscal year ending September 30, 2003, Hatch reported revenues from continuing operations of approximately $10.2 million.
"We continue to pursue strategic 'tuck-in' acquisitions in our core markets," said Robert R. Schiller, Chief Operating Officer and Chief Financial Officer of Armor Holdings. "We expect Hatch to integrate directly into our Products Division's distribution channels and add incrementally to earnings per share in 2004."
"Hatch is a natural fit with our established law enforcement brands," said Stephen Croskrey, President and CEO of Armor Holdings Products Division. "This acquisition continues our strategy of pursuing leading brands in their respective product segments. We believe Hatch's product lines complement our current portfolio nicely and provide crossover into the commercial market. We are pleased to welcome Hatch into the Armor Holdings family."
About Armor Holdings
Armor Holdings was included in Fortune magazine's list of "America's 100 Fastest Growing Companies" in 1999 and 2000, Forbes magazine's list of "200 Best Small Companies" in 2002, and is a member of the S&P Smallcap 600 Index. The company is a leading manufacturer of security products for law enforcement personnel around the world through its Armor Holdings Products division and is one of the world's largest and most experienced passenger vehicle armoring manufacturers through its Mobile Security division.
Armor Holdings Products manufactures and sells a broad range of high quality branded law enforcement equipment. Such products include ballistic resistant vests and tactical armor, less-lethal munitions, safety holsters, batons, anti-riot products and a variety of crime scene related equipment, including narcotic identification kits. Armor Holdings Mobile Security, through its Commercial Products division, armors a variety of vehicles, including limousines, sedans, sport utility vehicles, and money transport vehicles, to protect against varying degrees of ballistic and blast threats. Through its Military Products division, the company is the prime contractor to the U.S. Military for the supply of armoring and blast protection for High Mobility Multi-purpose Wheeled Vehicles, commonly known as HMMWVs.